Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2021.

This letter addresses two topics: first, the risks to the markets today and, second, two multi-year themes.

When we think about financial markets, since the future remains unknown, we seek to identify potential scenarios. At the beginning of this year, the global economy was like a car hurtling forward at 200 miles per hour. Over the summer, we expected an orderly slowdown, asking only “What are the risks to Goldilocks?”¹We thought the car could slow to 70 miles per hour without putting too much pressure on interest rates, driven by inflation, which would upset the financial markets.

In the U.S., will the U.S. Federal Reserve (Fed) hit the brakes too hard? I don’t think so. First, while the financial markets are still debating whether we have an inflation problem, I don’t think we will know whether we have permanent inflation until late next year. It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since it tends to be longer-lasting and may affect long-term interest rates.

Second, if inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates.

Bank of America recently released a research note²that said over half of the S&P 500^®Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. Why would that change?

What about China? Will real estate or other factors like COVID-19 cause a recession? While China growth is becoming soggy, we think policy makers have all the tools, including liquidity moves, to avoid a crash.

So what to do in your portfolio? We are focusing on two multi-year investment themes.

Another surprise that has affected commodity prices is that, as the economy grows and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue to underpin commodity prices, and is why I believe that commodity equities are an interesting investment that people should have in their portfolios.

The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.

The second theme is the use of blockchain in a large variety of industries, but especially finance and entertainment. New open-source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. There are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

PS The investing outlook can change suddenly, as it certainly did in 2020. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

¹A Goldilocks economy is an economy that is not so hot that it causes inflation and not so cold that it causes a recession.

²Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2021, to October 31, 2021.

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Number of Shares		Value
CLOSED-END FUNDS: 99.9% (a)
Alliance Bernstein National Municipal Income Fund, Inc.		149,242	$	2,187,888
Blackrock Investment Quality Municipal Trust, Inc.		46,616		798,532
BlackRock Long-Term Municipal Advantage Trust		48,340		645,822
BlackRock MuniAssets Fund, Inc.		107,107		1,617,316
BlackRock Municipal 2030 Target Term Trust		372,778		9,561,756
BlackRock Municipal Income Fund, Inc.		195,320		2,970,817
BlackRock Municipal Income Quality Trust		122,423		1,860,830
BlackRock Municipal Income Trust		162,916		2,399,753
BlackRock Municipal Income Trust II		178,470		2,673,481
BlackRock MuniHoldings Fund, Inc.		279,972		4,560,744
BlackRock MuniHoldings Investment Quality Fund		198,936		2,870,646
BlackRock MuniHoldings Quality Fund II, Inc.		103,200		1,424,160
BlackRock MuniVest Fund II, Inc.		80,644		1,191,918
BlackRock MuniVest Fund, Inc.		336,063		3,138,828
BlackRock MuniYield Fund, Inc.		217,281		3,122,328
BlackRock MuniYield Quality Fund II, Inc.		103,260		1,460,096
BlackRock MuniYield Quality Fund III, Inc.		358,874		5,178,552
BlackRock MuniYield Quality Fund, Inc.		338,390		5,454,847
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		66,064		1,051,739
BNY Mellon Municipal Income, Inc.		92,800		829,632
BNY Mellon Strategic Municipal Bond Fund, Inc.		252,600		2,025,852
BNY Mellon Strategic Municipals, Inc.		233,538		1,989,744
DWS Municipal Income Trust		209,464		2,440,256
Eaton Vance Municipal Bond Fund		373,589		4,972,470
Eaton Vance Municipal Income 2028 Term Trust		35,696		786,740
Eaton Vance Municipal Income Trust		186,477		2,528,628

	Number of Shares		Value
Eaton Vance National Municipal Opportunities Trust		57,600	$	1,288,068
Invesco Advantage Municipal Income Trust II		199,681		2,402,162
Invesco Municipal Income Opportunities Trust		176,440		1,404,462
Invesco Municipal Opportunity Trust		308,700		4,176,711
Invesco Municipal Trust		254,789		3,335,188
Invesco Quality Municipal Income Trust		272,712		3,547,983
Invesco Trust for Investment Grade Municipals		251,750		3,411,212
Invesco Value Municipal Income Trust		216,354		3,504,935
MainStay MacKay DefinedTerm Municipal Opportunities Fund		87,631		1,862,159
MFS High Income Municipal Trust		163,247		829,295
MFS Municipal Income Trust		218,314		1,506,367
Neuberger Berman Municipal Fund, Inc.		59,034		898,497
Nuveen AMT-Free Municipal Credit Income Fund		924,725		15,988,495
Nuveen AMT-Free Municipal Value Fund		93,657		1,569,691
Nuveen AMT-Free Quality Municipal Income Fund		1,054,981		16,014,612
Nuveen Dynamic Municipal Opportunities Fund		191,740		2,998,814
Nuveen Enhanced Municipal Value Fund		81,346		1,262,490
Nuveen Intermediate Duration Municipal Term Fund		218,399		3,247,593
Nuveen Intermediate Duration Quality Municipal Term Fund		61,463		906,579
Nuveen Municipal Credit Income Fund		662,888		11,090,116
Nuveen Municipal Credit Opportunities Fund		251,413		3,781,251
Nuveen Municipal High Income Opportunity Fund		354,401		5,213,239
Nuveen Municipal Value Fund, Inc.		576,185		6,459,034
Nuveen Quality Municipal Income Fund		1,024,295		16,009,731
Nuveen Select Tax-Free Income Portfolio		53,870		909,326

	Number of Shares		Value
Nuveen Select Tax-Free Income2 Portfolio		67,968	$	1,061,660
PIMCO Municipal Income Fund		68,065		951,549
PIMCO Municipal Income Fund II		156,435		2,168,189
PIMCO Municipal Income Fund III		90,258		1,069,557
Pioneer Municipal High Income Advantage Fund, Inc.		113,965		1,316,296
Pioneer Municipal High Income Fund Trust		122,586		1,491,872
Pioneer Municipal High Income Opportunities Fund, Inc.		79,524		1,521,294
Putnam Managed Municipal Income Trust		181,511		1,497,466
Putnam Municipal Opportunities Trust		127,823		1,720,497
Western Asset Managed Municipals Fund, Inc.		243,052		3,164,537
Total Closed-End Funds (Cost: $199,244,298)				199,324,302
Other assets less liabilities: 0.1%				257,080
NET ASSETS: 100.0%			$	199,581,382

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

	Par (000’s		)	Value
MUNICIPAL BONDS: 98.4%
Alabama: 1.8%
Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) 6.45%, 11/29/21 (c)	$	615		$	615,778
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
5.25%, 06/01/25		410			424,766
5.75%, 06/01/26 (c)		1,400			1,480,552
5.75%, 06/01/26 (c)		2,000			2,083,046
6.00%, 06/01/26 (c)		5,900			6,185,295
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p)		1,500			1,891,936
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/29 (c)		4,025			4,761,081
Jefferson County, Sewer Revenue, Series D (RB)
6.00%, 10/01/23 (c)		10,000			11,428,344
6.50%, 10/01/23 (c)		9,000			10,365,700
Jefferson County, Sewer Revenue, Series E (RB)
0.00%, 10/01/23 (c) ^		100			47,266
0.00%, 10/01/23 (c) ^		60			24,046
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)
4.50%, 05/01/29 (c)		11,148			11,930,682
5.25%, 05/01/29 (c)		10,000			11,515,098
					62,753,590
Alaska: 0.0%
Northern Tobacco Securitization Corp., Series A (RB) 4.00%, 06/01/31 (c)		1,000			1,110,864
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^		3,000			488,088
					1,598,952
American Samoa: 0.2%
American Samoa Economic Development Authority, Series A (RB)
5.00%, 09/01/31 (c)		2,750			3,364,884
6.50%, 09/01/28		250			304,948
6.62%, 09/01/25 (c)		1,000			1,162,651
7.12%, 09/01/28 (c)		500			646,938
					5,479,421

	Par (000’s		)	Value
Arizona: 2.3%
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c)	$	200		$	229,187
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
6.00%, 07/01/27 (c)		1,320			1,591,942
6.00%, 07/01/27 (c)		2,940			3,488,713
Arizona Industrial Development Authority, Basis School Project, Series A (RB)
5.12%, 07/01/26 (c)		250			285,575
5.25%, 07/01/26 (c)		500			567,944
Arizona Industrial Development Authority, Basis School Project, Series D (RB)
5.00%, 07/01/27 (c)		270			308,961
5.00%, 07/01/27 (c)		515			587,835
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c)		500			572,150
Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) 5.00%, 07/15/27 (c)		300			335,055
Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) (ST) 5.00%, 07/15/27 (c)		400			452,600
Arizona Industrial Development Authority, Education Facility, Series A (RB)
5.25%, 07/01/23 (c)		1,050			1,135,400
5.50%, 07/01/23 (c)		2,100			2,265,881
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series A (RB) 5.00%, 07/01/29 (c)		1,075			1,099,632
Arizona Industrial Development Authority, Kazen Education Project (RB) 5.70%, 07/01/26 (c)		1,000			1,141,903
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM)
6.25%, 07/01/24		1,000			1,072,471
6.62%, 07/01/27		1,000			1,137,765
7.75%, 07/01/27 (c)		7,000			8,285,012
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c)		4,000			4,571,090

	Par (000’s		)	Value
Arizona (continued)
Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c)	$	500		$	521,240
Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c)		445			476,290
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		2			2,195
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c)		1,000			1,067,843
Glendale Industrial Development Authority, Beatitudes Campus Project (RB) 4.00%, 11/15/24 (c)		250			264,583
Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB)
5.00%, 11/15/26 (c)		600			583,308
5.25%, 11/15/26 (c)		700			668,115
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
4.00%, 07/01/25		400			423,878
5.00%, 07/01/25 (c)		1,000			1,099,498
5.00%, 07/01/25 (c)		900			997,598
5.00%, 07/01/25 (c)		500			549,935
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c)		750			877,457
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c)		675			720,275
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c)		750			832,383
Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB) 5.25%, 07/01/22 (c)		1,000			1,021,241

	Par (000’s		)	Value
Arizona (continued)
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c)	$	1,000		$	1,178,613
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
5.00%, 07/01/29 (c)		1,300			1,553,307
5.00%, 07/01/29 (c)		1,400			1,668,305
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
5.00%, 07/01/29 (c)		500			582,502
5.00%, 07/01/29 (c)		500			569,462
5.00%, 07/01/29 (c)		500			571,304
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c)		1,750			1,925,186
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24		330			335,300
Pima County Industrial Development Authority, American Leadership Academy Project (RB)
4.12%, 06/15/22 (c)		1,250			1,259,838
4.75%, 06/15/22 (c)		2,000			2,018,796
5.00%, 06/15/22 (c)		2,000			2,019,006
5.62%, 06/15/25 (c)		1,250			1,345,682
Pima County Industrial Development Authority, American Leadership Academy Project (RB) (SD CRED PROG) 5.00%, 06/15/25 (c)		500			524,487
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
5.25%, 07/01/26 (c)		250			272,064
5.38%, 07/01/26 (c)		250			269,920
5.50%, 07/01/26 (c)		250			269,249
Pinal County Industrial Development Authority, WOF SW GGP 1 LLC Project, Series B (RB) (ST) 5.50%, 10/01/28 (c)		6,703			6,867,802
Salt Verde Financial Corp. (RB)
5.00%, 12/01/37		8,495			11,660,126
5.25%, 12/01/23		290			317,125
5.25%, 12/01/24		305			345,876
5.25%, 12/01/25		265			309,413

	Par (000’s		)	Value
Arizona (continued)
5.25%, 12/01/27	$	215		$	263,427
5.25%, 12/01/28		245			306,489
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c)		355			393,976
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) (AGM) 5.00%, 12/01/26 (c)		250			277,950
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)
6.12%, 10/01/27 (c)		600			653,678
6.12%, 10/01/27 (c)		3,900			4,259,428
					81,253,266
Arkansas: 0.4%
Arkansas Development Finance Authority Healthcare Facilities, Carti Surgery Center Project, Series B (RB) 4.00%, 07/01/28 (c)		1,000			1,054,280
Arkansas Development Finance Authority, Academics Plus Charter Schools Project (RB)
4.00%, 12/01/27 (c)		635			652,151
4.00%, 12/01/27 (c)		815			831,732
Arkansas Development Finance Authority, Big River Steel Project (RB) 4.50%, 09/01/26 (c)		11,095			12,089,665
Arkansas Development Finance Authority, Charter School Project, Series A (RB) 3.62%, 12/01/28 (c)		1,000			959,399
					15,587,227
California: 14.2%
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
5.00%, 10/01/26 (c)		2,055			2,402,538
5.00%, 10/01/26 (c)		3,000			3,514,278
5.00%, 10/01/26 (c)		5,000			5,833,724
5.00%, 10/01/26 (c)		1,650			1,932,017
Anaheim Community Facilities District No. 08-1 (ST)
4.00%, 09/01/23 (c)		420			444,848
4.00%, 09/01/23 (c)		160			170,156
4.00%, 09/01/23 (c)		615			653,038
Antelope Valley Healthcare District, Series A (RB)
5.00%, 03/01/26 (c)		300			327,193
5.25%, 03/01/26 (c)		1,480			1,652,844
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c)		695			798,626

	Par (000’s		)	Value
California (continued)
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c)	$	3,100		$	3,462,472
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c)		11,735			12,225,396
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c)		6,000			6,347,398
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB)
3.00%, 08/01/31 (c)		2,500			2,333,208
4.00%, 08/01/31 (c)		4,250			4,441,917
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c)		3,000			3,092,466
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c)		16,650			18,424,351
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c)		2,000			2,088,846
California Community Housing Agency, Essential Housing, Verdant at Green Valley, Series A (RB) 5.00%, 08/01/29 (c)		5,250			5,802,568
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c)		4,500			4,752,856
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c)		6,000			6,283,348
California Community Housing Agency, Workforce Housing, Series A (RB) 5.00%, 04/01/29 (c)		6,250			6,840,272
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 11/29/21 (c)		25			25,037
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 11/15/21 (c)		15			15,006

	Par (000’s		)	Value
California (continued)
California County Tobacco Securitization Agency, Series A (RB)
4.00%, 06/01/30 (c)	$	4,740		$	5,437,567
5.00%, 11/15/21 (c)		4,115			4,116,644
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
4.00%, 08/15/27 (c)		250			276,744
4.20%, 08/15/27 (c)		500			563,122
4.25%, 11/15/22 (c)		80			82,343
5.00%, 08/15/27 (c)		460			546,655
5.00%, 08/15/27 (c)		990			1,170,108
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB)
3.00%, 04/01/30 (c)		1,000			1,051,482
4.00%, 04/01/30 (c)		1,715			1,994,274
California Housing Finance Agency, Series A (RB)
3.50%, 11/20/35		992			1,143,870
4.00%, 03/20/33		972			1,138,495
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB)
5.00%, 01/01/31 (c)		5,000			5,533,815
5.00%, 07/01/30 (c)		1,000			1,102,578
California Municipal Finance Authority, California Baptist University, Series A (RB)
5.50%, 11/01/25 (c)		500			568,351
6.12%, 11/01/23 (c)		1,000			1,096,280
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c)		500			607,134
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)		150			169,625
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) 4.00%, 05/15/31 (c)		3,000			3,441,697
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM) 4.00%, 05/15/31 (c)		1,500			1,740,845

	Par (000’s		)	Value
California (continued)
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/27 (c)	$	250		$	299,692
5.00%, 07/01/27 (c)		200			240,086
California Municipal Finance Authority, Holy Names University (RB) 7.00%, 10/01/29 (c)		2,500			2,641,449
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
5.00%, 10/01/27 (c)		500			543,914
5.00%, 10/01/27 (c)		500			536,423
5.00%, 10/01/27 (c)		500			534,226
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c)		2,390			2,439,531
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/28 (c)		500			606,386
5.00%, 06/30/28 (c)		600			731,744
5.00%, 06/30/28 (c)		2,490			2,973,679
5.00%, 06/30/28		65			79,961
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)
3.00%, 06/30/28 (c)		1,950			2,110,687
5.00%, 06/30/28 (c)		2,040			2,438,605
5.00%, 06/30/28 (c)		700			837,780
5.00%, 06/30/28 (c)		1,000			1,193,773
5.00%, 06/30/28 (c)		3,405			4,032,533
5.00%, 06/30/28 (c)		1,035			1,251,153
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c)		230			264,226
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
5.00%, 07/01/26 (c)		500			559,365
5.00%, 07/01/28 (c)		1,000			1,148,580
5.00%, 07/01/28 (c)		130			151,131
California Municipal Finance Authority, Rocketship Education, Series A (RB) 7.00%, 06/01/22 (c)		930			976,530
California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c)		1,500			1,540,538

	Par (000’s		)	Value
California (continued)
California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c)	$	250		$	283,587
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		10,500			11,836,503
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)
7.00%, 07/01/22 (d) *		1,000			600,000
7.50%, 12/01/29 (c) (d) *		7,000			350,000
7.50%, 07/01/22 (c) (d) *		10,500			6,300,000
8.00%, 07/01/27 (c) (d) *		6,635			3,981,000
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32		1,000			850,000
California Pollution Control Financing Authority, Solid Waste Disposal, Rialto Bioenergy Facility LLC Project (RB) 7.50%, 12/01/24 (c)		2,350			1,930,338
California Public Finance Authority, Enso Village Project, Series A (RB)
5.00%, 11/15/29 (c)		1,000			1,136,028
5.00%, 11/15/29 (c)		500			565,353
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)
5.00%, 07/01/27		210			188,166
5.00%, 07/01/27 (c)		300			266,484
5.00%, 07/01/27 (c)		1,000			884,322
5.00%, 07/01/27 (c)		485			432,296
California School Finance Authority, Bright Star Schools (RB) 5.00%, 06/01/27 (c)		400			444,508
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB)
4.00%, 11/01/31 (c)		1,000			1,075,791
4.00%, 11/01/31 (c)		2,700			2,887,856
California School Finance Authority, River Springs Charter School Project, Series A (RB)
5.00%, 07/01/27 (c)		1,000			1,099,051
6.38%, 07/01/25 (c)		2,000			2,252,443
California School Finance Authority, Rocketship Education, Series A (RB)

	Par (000’s		)	Value
California (continued)
5.12%, 06/01/26 (c)	$	250		$	273,806
5.25%, 06/01/26 (c)		250			274,574
California Statewide Communities Development Authority, Baptist University, Series A (RB)
3.50%, 11/01/27		2,500			2,741,164
5.00%, 11/01/27 (c)		1,000			1,163,225
6.38%, 11/01/23 (c)		1,000			1,092,870
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c)		250			268,390
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)
5.50%, 11/29/21 (c)		357			343,036
5.75%, 11/29/21 (c)		68			65,632
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 11/29/21 (c)		10			9,626
California Statewide Communities Development Authority, Infrastructure Program, Series B (SA) 5.00%, 09/02/28 (c)		920			1,078,282
California Statewide Communities Development Authority, Irvine East Campus Apartments (RB) 5.00%, 05/15/26 (c)		385			454,441
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c)		545			635,638
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)
5.00%, 06/01/29 (c)		435			517,601
5.00%, 06/01/29 (c)		500			584,694
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/23 (c)		75			81,049
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)

	Par (000’s		)	Value
California (continued)
5.00%, 06/01/26 (c)	$	350		$	413,383
5.00%, 06/01/26 (c)		1,100			1,290,810
5.00%, 06/01/26 (c)		2,090			2,384,699
5.00%, 06/01/26 (c)		1,595			1,830,990
5.25%, 12/01/24 (c)		1,740			1,962,962
5.25%, 06/01/26 (c)		8,380			9,589,252
5.25%, 06/01/28 (c)		1,000			1,202,350
5.50%, 12/01/24 (c)		9,705			10,978,464
5.50%, 06/01/28 (c)		6,500			7,890,812
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)
5.00%, 06/01/26 (c)		3,230			3,677,297
5.75%, 01/15/23 (c)		125			129,839
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c)		3,170			3,718,635
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 11/29/21 (c)		3,175			3,203,704
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB)
0.00%, 11/15/21 (c) ^		23,000			2,131,778
6.00%, 11/29/21 (c)		900			908,137
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series D (RB) 0.01%, 11/29/21 (c)		24,250			1,642,794
CCSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB) 3.00%, 03/01/32 (c)		2,000			1,853,601
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c)		500			562,793
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c)		250			278,233
City of Irvine, Community Facilities District No. 2013-3 (ST)
4.00%, 09/01/23 (c)		250			271,131
4.00%, 09/01/23 (c)		1,000			1,079,875
4.00%, 09/01/23 (c)		250			270,999
4.00%, 09/01/23 (c)		230			249,608
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c)		750			846,632

	Par (000’s		)	Value
California (continued)
City of Oroville Hospital (RB) 5.25%, 04/01/29 (c)	$	6,000		$	6,593,693
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c)		180			195,715
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		840			936,725
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
3.75%, 09/01/27 (c)		500			543,779
5.00%, 09/01/27 (c)		155			182,650
5.00%, 09/01/27 (c)		135			158,743
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)		200			224,056
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c)		1,045			1,168,762
CMFA Special Finance Agency I (RB) 4.00%, 04/01/31 (c)		6,000			6,214,316
CMFA Special Finance Agency VII (RB) 4.00%, 08/01/31 (c)		2,900			3,006,609
CMFA Special Finance Agency VIII (RB)
3.00%, 08/01/31 (c)		5,000			4,622,734
4.00%, 08/01/31 (c)		1,500			1,553,890
Compton Public Finance Authority (RB)
4.00%, 09/01/24 (c)		1,000			1,060,428
4.50%, 09/01/24 (c)		1,585			1,684,467
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c)		1,000			998,327
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c)		8,000			8,247,774
CSCDA Community Improvement Authority, City Anaheim, Series A (RB) 5.00%, 01/01/31 (c)		11,800			13,285,238
CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB) 3.00%, 12/01/31 (c)		6,100			5,673,209

	Par (000’s		)	Value
California (continued)
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-1 (RB) 2.88%, 08/01/31 (c)	$	995		$	963,527
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-2 (RB) 3.12%, 08/01/31 (c)		7,000			6,457,823
CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c)		7,100			7,329,647
CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A-2 (RB) 4.00%, 10/01/31 (c)		7,075			7,344,945
CSCDA Community Improvement Authority, Oceanaire-Long Beach, Series A-2 (RB) 4.00%, 09/01/31 (c)		2,000			2,097,784
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c)		3,450			3,598,092
CSCDA Community Improvement Authority, Pasadena Portfolio, Series A-1 (RB) 2.65%, 12/01/31 (c)		2,000			1,870,481
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c)		1,000			1,034,398
CSCDA Community Improvement Authority, Union South Bay, Series A-1 (RB) 3.10%, 07/01/31 (c)		3,000			2,840,353
CSCDA Community Improvement Authority, Union South Bay, Series A-2 (RB) 4.00%, 07/01/31 (c)		10,250			10,607,165
Dublin Community Facilities District No 2015-1 (ST)
5.00%, 09/01/26 (c)		500			576,486
5.00%, 09/01/26 (c)		500			580,574
5.00%, 09/01/26 (c)		500			574,040
5.00%, 09/01/27 (c)		1,840			2,127,209
5.00%, 09/01/27 (c)		1,150			1,347,243
Elk Grove Finance Authority (ST) 5.00%, 09/01/26 (c)		1,300			1,489,632

	Par (000’s		)	Value
California (continued)
Folsom Ranch Financing Authority (ST)
5.00%, 09/01/27 (c)	$	2,000		$	2,341,825
5.00%, 09/01/27 (c)		1,100			1,299,257
5.00%, 09/01/27 (c)		1,000			1,153,721
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB)
5.75%, 01/15/24 (c)		1,000			1,119,310
6.00%, 01/15/24 (c)		2,860			3,214,884
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB)
3.95%, 07/15/27 (c)		100			108,926
6.00%, 01/15/24 (c)		1,115			1,253,355
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c)		475			519,868
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 01/15/23 (c) (p)		6,525			6,755,444
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c)		1,000			1,123,947
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)
3.50%, 06/01/22 (c)		1,120			1,131,977
5.00%, 06/01/27 (c)		2,000			2,401,846
5.00%, 06/01/27		2,585			3,129,149
5.00%, 06/01/28 (c)		5,000			6,070,668
5.25%, 06/01/22 (c)		3,815			3,913,295
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-2 (RB)
5.00%, 06/01/22 (c)		12,750			13,056,143
5.30%, 06/01/22 (c)		14,585			14,942,611
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series B (RB) 0.01%, 11/15/21 (c)		37,470			8,551,092
Hastings Campus Housing Finance Authority, Series A (RB)
5.00%, 07/01/30 (c)		4,350			5,062,271
5.00%, 07/01/30 (c)		3,000			3,442,335
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c)		250			256,364
Inland Empire Tobacco Securitization Authority, Series C-2 (RB) 0.00%, 11/15/21 (c) ^		9,410			1,722,927

	Par (000’s		)	Value
California (continued)
Inland Empire Tobacco Securitization Authority, Series D (RB) 0.00%, 11/15/21 (c) ^	$	51,150		$	4,422,450
Inland Empire Tobacco Securitization Authority, Series E (RB) 0.00%, 11/15/21 (c) ^		25,000			1,688,818
Inland Empire Tobacco Securitization Authority, Series F (RB) 0.01%, 11/15/21 (c)		50,500			2,739,261
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST)
5.00%, 09/01/27 (c)		1,000			1,164,192
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c)		405			452,646
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 11/29/21 (c)		46			46,189
MSR Energy Authority, Series A (RB)
6.12%, 11/01/29		505			622,945
6.50%, 11/01/39		1,575			2,462,326
Orange County Community Facilities District No. 1, Series A (ST)
4.25%, 08/15/25 (c)		975			1,050,182
5.25%, 08/15/25 (c)		455			510,477
Palomar Health (RB) 5.00%, 11/01/26 (c)		250			291,439
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^		125			120,090
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c)		1,000			1,102,957
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)		750			845,668
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST)
5.00%, 09/01/26 (c)		500			570,390
5.00%, 09/01/26 (c)		500			577,330
5.50%, 09/01/22 (c)		3,000			3,141,483
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) (AGM) 5.00%, 09/01/26 (c)		500			572,982

	Par (000’s		)	Value
California (continued)
River Islands Public Financing Authority, Phase 2 Public Improvements (ST)
4.00%, 09/01/26 (c)	$	1,000		$	1,090,879
5.00%, 09/01/26 (c)		750			861,951
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c)		500			567,183
Sacramento County, Community Facilities District No. 2005-2 (ST)
5.00%, 09/01/26 (c)		495			562,636
5.00%, 09/01/26 (c)		345			394,873
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c)		300			345,473
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB)
5.00%, 01/15/25 (c)		500			565,327
5.00%, 01/15/25 (c)		2,300			2,580,603
5.00%, 01/15/25 (c)		3,780			4,205,771
5.00%, 01/15/25 (c)		1,750			1,950,534
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) (NATL)
0.00%, 01/15/32 ^		145			118,255
0.00%, 01/15/36 ^		105			75,944
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c)		200			221,701
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)
5.00%, 03/01/26 (c)		500			563,899
5.00%, 03/01/26 (c)		500			560,727
Silicon Valley Tobacco Securitization Authority, Series A (RB) 0.00%, 11/29/21 (c) ^		7,000			3,119,363
Silicon Valley Tobacco Securitization Authority, Series C (RB) 0.01%, 11/15/21 (c)		8,015			938,581
South California Tobacco Securitization Authority, Series C (RB) 0.00%, 11/15/21 (c) ^		11,050			2,046,589
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 09/01/22 (c)		1,035			1,064,885

	Par (000’s		)	Value
California (continued)
Tobacco Securitization Authority of Northern California (RB) 4.00%, 12/01/30 (c)	$	2,250		$	2,592,615
Tobacco Securitization Authority of Southern California, Series B (RB) 0.00%, 11/15/21 (c) ^		10,485			2,309,860
Tobacco Securitization Authority of Southern California, Series D (RB) 0.00%, 11/15/21 (c) ^		16,440			2,868,852
Transbay Joint Powers Authority, Tax Allocation, Series B (TA) 2.40%, 04/01/30 (c)		3,920			3,900,210
Tustin Community Facilities District, Series A (ST)
5.00%, 09/01/25 (c)		100			111,451
5.00%, 09/01/25 (c)		100			112,080
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		750			829,539
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 5.30%, 09/01/22 (c) (d) *		530			307,400
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) *		850			510,000
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c)		445			503,838
					507,119,129
Colorado: 3.4%
Arista Metropolitan District in the City and County of Broomfield, Series A (GO)
5.00%, 12/01/23 (c)		500			535,316
5.12%, 12/01/23 (c)		750			800,222
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c)		2,010			2,347,617
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/21 (c)		1,000			1,031,910
Brighton Crossing Metropolitan District No. 6, Series A (GO)
5.00%, 12/01/25 (c)		500			552,229
5.00%, 12/01/25 (c)		500			547,134
Broadway Station Metropolitan District No. 3, Series A (GO)
5.00%, 06/01/24 (c)		2,500			2,675,109
5.00%, 06/01/24 (c)		1,250			1,348,946

	Par (000’s		)	Value
Colorado (continued)
Canyon Pines Metropolitan District, Colorado Special Improvement District No. 1, Series A (SA) 3.75%, 09/01/26 (c)	$	1,000		$	940,054
Centerra Metropolitan District No. 1 (TA)
5.00%, 12/01/22 (c)		500			523,531
5.00%, 12/01/22 (c)		500			525,010
5.00%, 12/01/22 (c)		500			527,201
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c)		5,195			5,484,595
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c)		4,250			4,572,514
City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c)		1,035			1,055,945
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c)		1,000			1,078,269
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c)		500			547,283
Colorado Health Facilities Authority, Capella of Grand Junction Project (RB) 5.00%, 12/01/26 (c)		2,000			2,017,117
Colorado Health Facilities Authority, Catholic Health Initiatives, Series A-1 (RB) 5.25%, 01/01/23 (c)		1,000			1,057,543
Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB) 5.00%, 01/01/26 (c)		605			677,716
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)
4.00%, 08/01/29 (c)		1,400			1,566,630
4.00%, 08/01/29 (c)		1,270			1,457,409
4.00%, 08/01/29 (c)		1,100			1,264,810
4.00%, 08/01/29 (c)		3,120			3,572,870
5.00%, 08/01/29		1,000			1,271,734
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)
3.25%, 08/01/29 (c)		2,685			2,804,647
4.00%, 08/01/29 (c)		7,000			7,776,539

	Par (000’s		)	Value
Colorado (continued)
5.00%, 08/01/29 (c)	$	2,420		$	2,907,273
Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.30%, 11/29/21 (c)		1,160			1,128,639
Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series A (RB)
5.75%, 11/01/25 (c)		2,900			2,323,114
6.00%, 11/01/25 (c)		3,835			3,126,827
Colorado High Performance Transportation Enterprise (RB)
5.00%, 12/31/24 (c)		250			280,789
5.00%, 12/31/24 (c)		350			393,688
Colorado International Center, Metropolitan District No. 14 (GO) 5.88%, 12/01/23 (c)		2,500			2,684,930
Creekwalk Marketplace Business Improvement District, Series A (RB)
5.50%, 12/01/26 (c)		500			552,616
5.75%, 12/01/26 (c)		500			552,465
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO)
5.62%, 12/01/23 (c)		1,000			1,078,058
5.75%, 12/01/23 (c)		1,500			1,612,076
Dominion Water and Sanitation District (RB)
5.25%, 12/01/21 (c)		895			915,881
5.75%, 12/01/21 (c)		3,500			3,581,074
6.00%, 12/01/21 (c)		452			462,453
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)
4.50%, 11/01/25 (c)		890			909,588
5.25%, 11/01/25 (c)		2,345			2,450,530
5.50%, 11/01/25 (c)		1,865			1,961,066
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c)		1,000			1,097,332
Independence Metropolitan District No. 3, Series A (GO) 6.25%, 06/01/24 (c)		1,000			1,072,127
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c)		1,000			1,052,572
Lambertson Farms Metropolitan District No. 1 (GO)
5.75%, 12/15/23 (c)		500			430,725
6.00%, 12/15/23 (c)		500			438,157
Loretto Heights Community Authority (RB)

	Par (000’s		)	Value
Colorado (continued)
4.88%, 06/01/26 (c)	$	1,000		$	1,019,103
North Range Metropolitan District No. 3 (GO) 5.00%, 12/01/25 (c)		2,000			2,195,752
Painted Prairie Public Improvement Authority (RB)
5.00%, 12/01/24 (c)		1,500			1,619,372
5.00%, 12/01/24 (c)		1,000			1,087,956
Pueblo Urban Renewal Authority, Evraz Project, Series A (TA) 4.75%, 12/01/30 (c)		4,030			4,505,303
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB) 4.00%, 07/15/40		615			786,503
Reunion Metropolitan District, Series A (RB) 3.62%, 06/01/26 (c)		1,000			966,529
Rocky Mountain Rail Park Metropolitan District, Series A (GO) 5.00%, 03/01/26 (c)		7,850			8,092,296
Southglenn Metropolitan District (GO) 5.00%, 12/01/21 (c)		1,000			1,031,171
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c)		500			555,486
STC Metropolitan District No. 2, Series A (GO)
4.00%, 12/01/24 (c)		1,000			1,078,232
5.00%, 12/01/24 (c)		2,000			2,177,781
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)
4.25%, 12/01/25 (c)		1,000			1,102,009
5.00%, 12/01/22 (c)		5,000			5,241,833
5.00%, 12/01/22 (c)		1,000			1,054,250
5.00%, 12/01/22 (c)		500			525,513
Transport Metropolitan District No. 3 (GO)
5.00%, 03/01/26 (c)		2,000			2,204,793
5.00%, 03/01/26 (c)		500			556,973
Velocity Metropolitan District No. 3 (GO)
5.12%, 12/01/23 (c)		500			537,948
5.38%, 12/01/23 (c)		500			538,371
5.50%, 12/01/23 (c)		1,500			1,611,951
Village Metropolitan District/ The (GO) 5.00%, 12/01/25 (c)		1,250			1,396,559
Windler Public Improvement Authority, Series A-1 (RB) (BAM)
4.12%, 09/01/26 (c)		2,980			2,868,012
					122,325,576

	Par (000’s		)	Value
Connecticut: 0.7%
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 11/09/21 (c)	$	630		$	630,064
Connecticut Airport Authority, Ground Transportation Center Project, Series A (RB) (AMBAC) 4.00%, 07/01/29 (c)		2,000			2,212,327
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/26 (c)		3,000			3,290,459
5.00%, 09/01/26 (c)		2,500			2,750,350
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c)		3,000			3,274,386
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c)		2,000			2,198,194
Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB)
4.25%, 07/01/22 (c)		935			959,524
4.50%, 07/01/22 (c)		655			673,265
5.00%, 07/01/22 (c)		380			391,856
5.00%, 07/01/22 (c)		100			103,120
5.00%, 07/01/22 (c)		470			484,663
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c)		250			273,395
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c)		250			272,166
Hartford Stadium Authority, Series A (RB) 4.00%, 02/01/25 (c)		1,040			887,168
Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB)
5.75%, 02/01/24		250			268,532
6.25%, 02/01/26 (c)		1,000			1,141,501
Town of Hamden, Whitney Center Project (RB)
5.00%, 01/01/26 (c)		2,720			2,907,671
5.00%, 01/01/26 (c)		500			538,938
					23,257,579

	Par (000’s		)	Value
District of Columbia: 1.1%
District of Columbia Tobacco Settlement Financing Corp. (RB) 0.01%, 11/29/21 (c)	$	29,055		$	6,385,853
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
5.00%, 07/01/24 (c)		1,180			1,260,002
5.00%, 07/01/24 (c)		250			269,493
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)
5.00%, 06/01/30 (c)		500			588,382
5.00%, 06/01/30 (c)		2,500			2,896,199
District of Columbia, Provident Group - Howard Properties, LLC Issue (RB) 5.00%, 10/01/22 (c)		395			407,387
District of Columbia, Rocketship Education Public Charter School, Series A (RB) 5.00%, 06/01/29 (c)		1,000			1,153,701
Metropolitan Washington Airports Authority Dulles Toll Road Revenue (RB) 5.00%, 10/01/29 (c)		3,150			3,810,825
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB)
0.01%, 10/01/37		11,825			6,850,476
5.00%, 04/01/22 (c)		1,895			1,931,311
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB)
0.00%, 10/01/37 ^		5,520			3,746,681
4.00%, 10/01/29 (c)		7,315			8,225,341
4.00%, 10/01/29 (c)		250			286,346
6.50%, 10/01/28 (c)		245			322,660
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) (SAW) 4.00%, 10/01/29 (c)		1,675			1,860,480
					39,995,137
Florida: 5.7%
Alachua County, Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB) 8.00%, 10/01/22 (c)		300			322,852
Aqua One Community Development District (SA) 5.75%, 05/01/28 (c)		1,000			1,097,941
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c)		295			312,839

	Par (000’s		)	Value
Florida (continued)
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c)	$	5,500		$	6,200,100
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c)		250			270,968
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 07/15/26 (c)		500			538,077
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 01/01/29 (c)		500			540,641
5.12%, 01/01/29 (c)		500			558,788
5.25%, 01/01/29 (c)		500			553,660
5.38%, 01/01/29 (c)		500			555,912
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)
4.38%, 06/15/27		390			410,662
5.25%, 06/15/27 (c)		500			550,242
Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series B (RB) 6.00%, 07/01/25 (c)		1,000			270,000
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28		2,200			2,382,179
5.25%, 12/01/28 (c)		4,500			5,159,995
5.25%, 12/01/28 (c)		3,700			4,192,098
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB)
5.00%, 01/01/31 (c)		1,850			2,032,367
5.00%, 07/01/30 (c)		2,250			2,463,271
City of Jacksonville, Educational Facilities, Series B (RB) 5.00%, 06/01/28 (c)		750			855,776
City of Orlando FL Tourist Development Tax Revenue (RB) (AGM) 5.00%, 11/01/27 (c)		500			598,772
City of Orlando, Florida Senior Tourist Development, Series A (RB) (AGM) 5.00%, 11/01/27		500			619,878
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
4.00%, 06/01/25 (c)		230			248,601
5.00%, 06/01/25 (c)		300			333,331
5.00%, 06/01/25 (c)		460			513,244

	Par (000’s		)	Value
Florida (continued)
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)
7.00%, 05/15/24 (d) *	$	590		$	401,200
8.12%, 05/15/24 (c) (d) *		460			312,800
Florida Development Finance Corp., Brightline Passenger Rail Project, Series B (RB) 7.38%, 01/01/24 (c)		22,535			24,337,412
Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB) 6.12%, 06/15/27 (c)		1,000			1,067,056
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB)
5.00%, 06/01/28 (c)		1,000			1,131,008
5.00%, 06/01/28 (c)		425			490,049
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)
4.00%, 06/01/28 (c)		1,000			1,090,271
4.00%, 06/01/28 (c)		1,050			1,160,879
Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) 5.62%, 06/15/24 (c)		360			352,673
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.75%, 06/15/24 (c)		1,000			1,080,819
6.00%, 06/15/25 (c)		500			561,659
6.12%, 06/15/22 (c)		3,000			3,055,862
6.12%, 06/15/25 (c)		685			762,427
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 5.00%, 09/15/27 (c)		1,000			1,109,139
Florida Development Finance Corp., The Mayl Ower Retirement Community Project, Series A (RB) 5.25%, 06/01/27 (c)		1,000			1,159,931
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)
6.25%, 01/01/24 (c) (p)		11,000			11,153,950
6.38%, 01/01/26 (c) (p)		15,195			15,425,235
6.50%, 01/01/29 (c) (p)		28,000			28,379,014
Florida Higher Educational Facilities Financial Authority, Jacksonville University Project, Series A-1 (RB) 4.50%, 06/01/28 (c)		2,710			3,110,089

	Par (000’s		)	Value
Florida (continued)
5.00%, 06/01/28 (c)	$	750		$	858,211
FRERC Community Development District (SA) (AGM)
5.38%, 11/01/29 (c)		1,500			1,600,336
5.50%, 11/01/29 (c)		2,450			2,620,468
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB)
3.50%, 02/01/31 (c)		965			1,023,563
4.00%, 02/01/31 (c)		7,500			8,619,391
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/27 (c)		2,000			2,240,075
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series B (RB) 4.25%, 05/15/22 (c)		3,500			3,532,199
Lake County, Village Veranda at Lady Lake Project, Series A-1 (RB) 7.12%, 01/01/27 (c)		2,700			2,401,458
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/22 (c)		500			506,843
Lee County Industrial Development Authority, The Preserve Project, Series A (RB) 5.75%, 12/01/22 (c)		1,000			1,026,759
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c)		380			418,373
Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM) 3.00%, 11/15/31 (c)		3,170			3,238,555
Miami World Center Community Development District (SA)
5.12%, 11/01/27 (c)		750			857,592
5.25%, 11/01/27 (c)		250			284,634
Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB)
5.00%, 06/01/25 (c)		665			690,105
5.00%, 06/01/25 (c)		1,390			1,415,457
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) 5.00%, 10/01/25 (c)		500			563,848

	Par (000’s		)	Value
Florida (continued)
5.00%, 10/01/25 (c)	$	500		$	560,465
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c)		1,000			1,112,911
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
4.25%, 05/01/23 (c)		1,035			1,070,580
5.00%, 05/01/23 (c)		1,480			1,527,275
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c)		155			183,742
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
5.00%, 08/01/27 (c)		200			223,533
5.00%, 08/01/27 (c)		200			226,720
Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) (AGM) 5.00%, 11/15/26 (c)		1,000			1,147,685
Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c)		310			325,110
Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series B (RB) 2.62%, 06/01/25		525			534,090
Palm Beach County, Lynn University Housing Project, Series A (RB) 5.00%, 06/01/31 (c)		3,670			4,290,488
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)
5.00%, 04/01/29 (c)		1,000			1,140,596
5.00%, 04/01/29 (c)		2,500			2,803,609
Palm Cost Park Community Development District (SA) 5.70%, 11/29/21 (c)		180			180,206
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33		3,250			4,045,821
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)
5.50%, 11/15/26 (c)		500			549,570
5.75%, 11/15/26 (c)		1,000			1,110,483

	Par (000’s		)	Value
Florida (continued)
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 05/15/22 (c)	$	3,600		$	3,622,569
Sumter County, Florida Village Community Development District No. 9 (SA) 5.50%, 05/01/22 (c)		765			776,728
Trust Agency, H-Bay Ministries, Inc., Superior Residences Project, Series C (RB) (AMBAC) 7.50%, 11/19/21 (c) (d) *		1,000			200,000
Village Community Development District No. 12 (SA)
3.25%, 05/01/26		245			256,319
3.62%, 05/01/26 (c)		2,385			2,548,126
3.88%, 05/01/26 (c)		2,435			2,567,159
4.25%, 05/01/28 (c)		950			1,044,941
Village Community Development District No. 12 (SA) (SAW) 4.38%, 05/01/28 (c)		1,190			1,308,799
Village Community Development District No. 13 (SA)
3.00%, 05/01/29		745			784,974
3.38%, 05/01/29 (c)		995			1,062,075
3.55%, 05/01/29 (c)		2,865			3,042,690
Village Community Development District No. 13 (SA) (SBG) 3.70%, 05/01/29 (c)		4,700			4,946,751
					202,815,549
Georgia: 1.2%
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB)
6.50%, 01/01/28 (c)		2,250			1,688,469
6.75%, 01/01/28 (c)		2,000			1,479,563
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c)		1,000			1,122,529
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c)		720			808,221
DeKalb County Housing Authority, Baptist Retirement Communities of Georgia, Inc. and Clairmont Crest, Inc., Series A (RB) 5.00%, 01/01/29 (c)		1,000			882,910
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB)

	Par (000’s		)	Value
Georgia (continued)
6.25%, 12/01/24 (c)	$	4,000		$	3,973,909
6.50%, 12/01/24 (c)		1,000			1,004,069
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c)		1,250			1,250,987
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG)
5.00%, 04/01/26 (c)		500			549,799
5.00%, 04/01/26 (c)		500			551,332
Gainesville & Hall County Development Authority (RB) (BAM) 5.00%, 03/01/27 (c)		700			703,854
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c)		3,000			3,363,339
George L Smith II World Congress Center Authority, Series B (RB) 5.00%, 01/01/31 (c)		7,530			8,733,866
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		416			460,410
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB)
5.75%, 06/15/27 (c)		250			287,252
6.00%, 06/15/27 (c)		1,000			1,143,477
Marietta Development Authority, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/27 (c)		1,000			1,091,814
5.00%, 11/01/27 (c)		2,750			3,049,827
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)
5.00%, 01/01/30 (c)		1,250			1,498,647
5.00%, 07/01/25 (c)		375			423,161
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series B (RB) 5.00%, 07/01/28 (c)		1,000			1,191,645
Oconee County Industrial Development Authority, Series A-1 (RB) 6.25%, 12/01/25 (c)		1,000			1,006,746
Oconee County Industrial Development Authority, Series A-3 (RB) 5.50%, 12/01/21 (c)		500			502,137

	Par (000’s		)	Value
Georgia (continued)
Rockdale County Development Authority, Pratt Paper LLC Project (RB) 4.00%, 01/01/28 (c)	$	3,850		$	4,320,484
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.12%, 10/01/26 (c)		500			527,061
5.25%, 10/01/26 (c)		500			522,684
					42,138,192
Guam: 0.5%
Guam Government, Business Privilege Tax, Series A (RB)
5.00%, 01/01/22 (c)		500			503,893
5.12%, 01/01/22 (c)		1,390			1,401,105
Guam Government, Business Privilege Tax, Series B (RB)
5.00%, 01/01/22 (c)		330			332,569
5.00%, 01/01/22 (c)		1,280			1,289,965
Guam Government, Business Privilege Tax, Series D (RB)
4.00%, 11/15/25 (c)		600			645,090
5.00%, 11/15/25 (c)		585			657,309
5.00%, 11/15/25 (c)		1,100			1,241,824
5.00%, 11/15/25 (c)		500			565,665
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)
4.25%, 02/01/30		500			553,219
5.00%, 02/01/30 (c)		500			564,501
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30		500			629,148
Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c)		620			705,762
Guam Government, Waterworks Authority, Water and Wastewater System (RB)
5.00%, 07/01/26 (c)		1,375			1,536,071
5.25%, 07/01/23 (c)		550			593,996
5.50%, 07/01/23 (c)		1,000			1,084,133
Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB) 5.00%, 07/01/30 (c)		3,205			3,864,015
Guam Power Authority, Series A (RB)
5.00%, 10/01/22 (c)		345			356,750
5.00%, 10/01/27 (c)		500			569,587
					17,094,602
Hawaii: 0.2%
Kuakini, Hawaii Health System, Series A (RB)

	Par (000’s		)	Value
Hawaii (continued)
6.38%, 11/29/21 (c)	$	1,775		$	1,753,901
State of Hawaii, Department of Budget and Finance, Series A (RB)
6.25%, 07/01/23 (c)		1,400			1,505,710
6.62%, 07/01/23 (c)		2,085			2,239,469
					5,499,080
Idaho: 0.1%
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
3.50%, 09/01/26 (c)		450			466,008
5.00%, 09/01/26 (c)		1,135			1,286,538
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) (ST)
3.80%, 10/01/28 (c)		100			99,509
4.00%, 10/01/28 (c)		900			894,935
					2,746,990
Illinois: 12.3%
Chicago Board of Education, Series A (GO)
5.00%, 12/01/21 (c)		6,760			6,780,759
5.00%, 12/01/22 (c)		10,055			10,435,103
5.00%, 12/01/28 (c)		250			301,575
5.00%, 12/01/29 (c)		1,500			1,853,152
5.00%, 12/01/30 (c)		395			488,872
5.00%, 12/01/30 (c)		5,950			7,282,309
5.00%, 12/01/30 (c)		1,600			1,953,580
5.00%, 12/01/30 (c)		600			747,679
5.00%, 12/01/30 (c)		100			123,007
5.00%, 12/01/30 (c)		7,850			9,563,492
5.00%, 12/01/30 (c)		1,100			1,338,087
5.00%, 12/01/30 (c)		100			123,573
5.00%, 12/01/30 (c)		150			186,350
5.00%, 12/01/30 (c)		2,860			3,508,291
5.25%, 12/01/21 (c)		435			436,423
5.50%, 12/01/21 (c)		5,730			5,750,127
7.00%, 12/01/25 (c)		14,210			17,014,974
7.00%, 12/01/25 (c)		5,200			6,434,982
7.00%, 12/01/27 (c)		2,250			2,884,200
Chicago Board of Education, Series A (GO) (AGM)
5.00%, 12/01/23		300			327,691
5.00%, 12/01/25		1,000			1,166,361
5.00%, 12/01/28 (c)		250			305,107
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/25		145			169,795
5.50%, 12/01/26		175			210,541
5.50%, 12/01/30		2,500			3,251,642
Chicago Board of Education, Series A (GO) (NATL)
0.01%, 12/01/27		760			691,657
0.01%, 12/01/28		390			345,939
0.01%, 12/01/30		55			46,022
5.50%, 12/01/26		355			408,864

	Par (000’s		)	Value
Illinois (continued)
Chicago Board of Education, Series B (GO)
4.00%, 12/01/22 (c)	$	150		$	153,775
5.00%, 12/01/22 (c)		3,235			3,361,110
5.00%, 12/01/22 (c)		1,105			1,148,590
5.00%, 12/01/22		100			104,858
5.00%, 12/01/27		1,500			1,810,258
5.00%, 12/01/29 (c)		200			244,647
5.00%, 12/01/30 (c)		100			123,186
5.00%, 12/01/30 (c)		100			124,985
5.00%, 12/01/30		1,650			2,074,714
6.50%, 12/01/26 (c)		1,100			1,338,214
Chicago Board of Education, Series C (GO)
5.00%, 12/01/23		500			545,124
5.00%, 12/01/27		2,000			2,413,678
5.00%, 12/01/27 (c)		2,625			3,105,262
5.25%, 12/01/24 (c)		3,485			3,857,197
5.25%, 12/01/24 (c)		4,430			4,883,266
6.00%, 12/01/24 (c)		1,160			1,313,640
Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/28 (c)		2,500			2,962,731
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c)		2,415			2,672,529
Chicago Board of Education, Series G (GO) 5.00%, 12/01/27 (c)		1,100			1,301,253
Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c)		8,500			9,896,960
Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c)		400			422,292
Chicago School Reform Board of Trustees, Series A (GO) (NATL)
0.01%, 12/01/23		300			295,409
0.01%, 12/01/25		355			338,583
0.01%, 12/01/29		1,460			1,258,208
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/28 ^		690			612,045
0.00%, 12/01/29 ^		645			555,852
0.01%, 12/01/22		180			178,863
0.01%, 12/01/24		1,165			1,132,379
0.01%, 12/01/25		1,650			1,573,695
0.01%, 12/01/26		1,630			1,522,284
0.01%, 12/01/27		1,030			937,378
0.01%, 12/01/31		520			422,352
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)
5.00%, 06/01/26		100			118,699
5.00%, 06/01/29		1,000			1,267,846

	Par (000’s		)	Value
Illinois (continued)
City of Chicago, City Colleges (GO) (NATL)
0.00%, 01/01/30 ^	$	420		$	357,383
0.00%, 01/01/34 ^		290			219,582
0.01%, 01/01/28		345			311,098
0.01%, 01/01/33		1,485			1,157,880
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)
5.00%, 01/01/25		235			265,551
5.25%, 01/01/25 (c)		1,910			2,142,281
5.25%, 01/01/25 (c)		945			1,064,048
5.50%, 01/01/25 (c)		3,980			4,454,303
5.50%, 01/01/25 (c)		115			129,526
5.50%, 01/01/25 (c)		855			960,259
City of Chicago, O’Hare International Airport, Senior Lien (RB) 5.75%, 01/01/23 (c)		1,585			1,674,096
City of Chicago, Series A (GO)
4.62%, 11/29/21 (c)		905			909,887
5.00%, 01/01/22 (c)		3,540			3,561,311
5.00%, 01/01/22 (c)		865			870,207
5.00%, 01/01/23		395			415,241
5.00%, 01/01/24 (c)		2,935			3,151,888
5.00%, 01/01/24 (c)		1,920			2,064,174
5.00%, 01/01/24 (c)		640			688,614
5.00%, 01/01/27		200			237,508
5.00%, 01/01/27		1,000			1,187,540
5.00%, 01/01/29 (c)		3,000			3,514,728
5.00%, 11/29/21 (c)		4,160			4,191,703
5.25%, 01/01/24 (c)		150			163,213
5.25%, 11/29/21 (c)		2,110			2,126,080
5.38%, 01/01/25 (c)		880			990,417
5.50%, 01/01/25 (c)		1,320			1,479,860
5.50%, 01/01/25 (c)		905			1,012,255
5.50%, 01/01/25 (c)		475			532,399
5.62%, 01/01/27 (c)		1,000			1,209,871
5.62%, 01/01/27 (c)		1,000			1,202,493
5.75%, 01/01/27 (c)		1,180			1,422,786
5.75%, 01/01/27 (c)		1,000			1,203,678
6.00%, 01/01/27 (c)		7,750			9,412,689
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^		140			122,693
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		2,775			3,414,282
City of Chicago, Series B (GO) 5.00%, 01/01/23		870			915,162
City of Chicago, Series C (GO)
0.00%, 01/01/32 ^		195			144,121
5.00%, 01/01/22 (c)		110			110,743
5.00%, 01/01/22 (c)		195			196,267
5.00%, 01/01/22 (c)		1,800			1,813,162
5.00%, 01/01/24		1,110			1,212,915
5.00%, 01/01/25		1,760			1,988,808
5.00%, 01/01/26 (c)		3,800			4,301,955

	Par (000’s		)	Value
Illinois (continued)
5.00%, 01/01/26 (c)	$	250		$	288,330
5.00%, 01/01/26		380			441,134
City of Chicago, Series D (GO)
5.50%, 01/01/25 (c)		1,135			1,268,797
5.50%, 01/01/25 (c)		1,045			1,169,535
5.50%, 01/01/25 (c)		2,715			3,043,082
5.50%, 01/01/25 (c)		520			582,975
City of Chicago, Series E (GO)
5.50%, 01/01/25 (c)		915			1,024,746
5.50%, 01/01/25 (c)		1,680			1,874,510
City of Chicago, Series F (GO) 5.50%, 01/01/25 (c)		1,635			1,831,103
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30		1,020			1,223,678
City of Harvey, Series A (GO)
5.50%, 11/29/21 (c) (d) *		465			320,850
5.62%, 11/29/21 (c) (d) *		3,600			2,484,000
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) (ST) 4.00%, 10/01/31 (c)		1,000			1,092,365
Illinois Finance Authority, Admiral Lake Project (RB)
5.00%, 05/15/24 (c)		1,120			1,177,381
5.12%, 05/15/24 (c)		390			409,416
5.25%, 05/15/24 (c)		2,350			2,445,988
5.50%, 05/15/24 (c)		2,000			2,105,446
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 11/29/21 (c)		35			35,068
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)
5.00%, 07/01/25 (c)		1,000			953,255
5.00%, 07/01/25 (c)		1,000			979,980
Illinois Finance Authority, Clare Oaks, Series A-3 (RB) 4.00%, 11/15/24 (c)		500			499,075
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
4.75%, 05/15/23 (c)		615			637,797
5.12%, 05/15/23 (c)		230			238,758
5.25%, 05/15/23 (c)		750			779,040
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27		3,000			2,192,907
5.00%, 02/15/27 (c)		6,500			4,686,039
5.12%, 02/15/27 (c)		6,130			4,410,239
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c)		100			88,810
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c)		500			562,718

	Par (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/26 (c)	$	250		$	283,904
5.00%, 11/01/26 (c)		1,525			1,693,642
5.00%, 11/01/26 (c)		500			572,907
5.00%, 11/01/26 (c)		4,210			4,615,730
5.00%, 11/01/26 (c)		500			560,259
Illinois Finance Authority, Park Place Elmhurst Project (RB) 5.12%, 05/15/26 (c)		1,616			1,575,082
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 11/29/21 (c)		475			476,031
Illinois Finance Authority, Roosevelt University, Series A (RB)
6.00%, 10/01/28 (c)		1,600			1,944,343
6.12%, 10/01/28 (c)		4,500			5,377,921
6.12%, 10/01/28 (c)		8,000			9,643,946
Illinois Finance Authority, Westminster Village, Series A (RB) (AGM) 5.25%, 05/01/25 (c)		2,695			2,841,913
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		1,000			1,202,651
5.00%, 06/15/29 (c)		3,055			3,706,330
5.00%, 06/15/29		1,000			1,221,559
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c)		1,000			1,099,751
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		690			650,613
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
0.00%, 12/15/56 ^		4,000			1,333,779
4.00%, 12/15/29 (c)		15,000			16,565,508
5.00%, 12/15/27 (c)		250			288,938
5.00%, 12/15/29 (c)		8,225			9,720,705
5.00%, 06/15/22 (c)		3,210			3,303,434
5.50%, 12/15/25 (c)		1,400			1,596,589
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 12/15/34 ^		590			432,843
0.00%, 06/15/29 ^		840			727,505
0.00%, 06/15/31 ^		125			101,651
0.00%, 06/15/34 ^		190			141,697
0.00%, 06/15/37 ^		185			124,920
0.00%, 06/15/39 ^		115			72,568
0.00%, 06/15/40 ^		1,500			914,274
0.01%, 12/15/30		475			393,158
0.01%, 06/15/30		745			625,336

	Par (000’s		)	Value
Illinois (continued)
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 0.00%, 12/15/54 ^	$	740		$	263,533
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL)
0.00%, 06/15/28 ^		1,080			962,512
5.70%, 06/15/23		410			444,432
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (ST)
5.00%, 12/15/22		335			351,942
5.00%, 06/15/22 (c)		1,450			1,492,205
5.00%, 06/15/22 (c)		3,765			3,874,589
5.00%, 06/15/22 (c)		290			298,441
Northeastern Illinois University (CP) 4.00%, 10/01/22 (c)		585			564,043
Southwestern Illinois Development Authority (RB) 5.35%, 11/29/21 (c)		230			140,529
Southwestern Illinois Development Authority, United States Steel Corp. Project (RB)
5.75%, 08/01/22 (c)		1,500			1,536,114
State of Illinois (GO)
3.50%, 06/01/26 (c)		175			188,102
3.50%, 06/01/26 (c)		935			1,013,554
4.00%, 01/01/26 (c)		500			548,779
4.00%, 05/01/24		660			714,508
4.00%, 06/01/26 (c)		220			241,390
4.00%, 06/01/26 (c)		360			393,507
4.00%, 06/01/26 (c)		1,000			1,095,379
4.00%, 06/01/26 (c)		460			499,861
4.00%, 06/01/26 (c)		270			294,510
4.00%, 08/01/22 (c)		150			153,742
4.12%, 11/01/26 (c)		600			667,901
4.12%, 03/01/22 (c)		160			161,721
5.00%, 11/01/24		200			225,205
5.00%, 02/01/24 (c)		350			382,917
5.00%, 02/01/24 (c)		375			410,445
5.00%, 02/01/26		2,750			3,194,980
5.00%, 02/01/27		500			592,791
5.00%, 03/01/22 (c)		250			253,473
5.00%, 03/01/22 (c)		305			309,104
5.00%, 03/01/22 (c)		100			101,373
5.00%, 03/01/22 (c)		140			142,123
5.00%, 03/01/28		805			970,345
5.00%, 03/01/31 (c)		1,500			1,870,582
5.00%, 04/01/24 (c)		2,000			2,197,375
5.00%, 04/01/24 (c)		585			643,028
5.00%, 05/01/23		335			357,697
5.00%, 05/01/24 (c)		1,025			1,129,617
5.00%, 05/01/24 (c)		175			192,130

	Par (000’s		)	Value
Illinois (continued)
5.00%, 05/01/24 (c)	$	275		$	302,349
5.00%, 05/01/24 (c)		5,035			5,510,833
5.00%, 05/01/24 (c)		100			109,737
5.00%, 05/01/24 (c)		2,005			2,209,117
5.00%, 06/01/26		125			146,246
5.00%, 06/01/26 (c)		800			931,205
5.00%, 06/01/26 (c)		1,040			1,208,553
5.00%, 07/01/23		475			510,482
5.00%, 08/01/22 (c)		1,830			1,892,436
5.25%, 07/01/23 (c)		550			591,892
5.25%, 07/01/23 (c)		510			548,669
5.25%, 07/01/23 (c)		290			311,460
5.50%, 07/01/23 (c)		560			602,343
5.50%, 07/01/23 (c)		1,165			1,260,781
6.00%, 05/01/25		500			587,938
6.00%, 05/01/26		880			1,066,301
State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c)		3,710			4,609,168
State of Illinois Sales Tax Revenue (RB) 3.00%, 06/15/26 (c)		100			105,271
State of Illinois, Series A (GO)
4.00%, 01/01/22 (c)		100			100,504
4.00%, 01/01/22 (c)		320			321,879
4.00%, 01/01/22 (c)		190			191,145
4.00%, 03/01/31 (c)		1,000			1,129,448
5.00%, 10/01/28		500			608,425
5.00%, 12/01/24		820			925,545
5.00%, 12/01/27 (c)		100			117,026
5.00%, 03/01/30		2,000			2,475,880
5.00%, 03/01/31 (c)		3,000			3,728,753
5.00%, 03/01/31 (c)		1,250			1,498,623
5.00%, 04/01/23 (c)		110			116,145
5.00%, 05/01/28 (c)		270			314,471
5.00%, 05/01/28 (c)		1,000			1,177,234
5.00%, 05/01/28 (c)		365			423,921
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c)		8,425			9,985,123
State of Illinois, Series D (GO)
3.25%, 11/01/26		1,755			1,922,737
5.00%, 11/01/23		1,270			1,382,057
5.00%, 11/01/25		3,955			4,569,091
5.00%, 11/01/26		11,690			13,794,675
5.00%, 11/01/27 (c)		9,700			11,570,351
5.00%, 11/01/27		7,000			8,397,486
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c)		500			526,333
Village of Bridgeview (GO) 5.00%, 12/01/22 (c)		360			360,636
Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/29 ^		90			76,289
0.00%, 01/01/31 ^		245			193,239
0.00%, 01/01/33 ^		540			398,024
					437,047,482

	Par (000’s		)	Value
Indiana: 0.5%
City of Anderson, Anderson University (RB) 6.00%, 10/01/22 (c)	$	1,000		$	1,017,133
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/22 (c)		215			213,027
City of Rockport, Indiana Steel Corp. Project, Series A (RB) 7.00%, 02/01/22 (c)		1,000			1,010,493
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c)		50			52,798
Indiana Finance Authority, King’s Daughters’ Hospital and Health Services (RB)
5.12%, 11/29/21 (c)		670			672,167
5.50%, 11/29/21 (c)		725			727,356
5.50%, 11/29/21 (c)		600			602,001
Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB)
5.00%, 07/01/23 (c)		250			268,702
5.00%, 07/01/23 (c)		1,000			1,074,809
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)
3.00%, 11/01/30		1,000			1,045,996
5.00%, 06/01/22 (c)		1,620			1,650,237
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		3,500			3,660,984
Indiana Finance Authority, Res Polyflow Indiana Project (RB) 7.00%, 03/01/26 (c)		4,300			4,025,666
Valparaiso, Indiana Exempt Facilities, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24		500			531,588
					16,552,957
Iowa: 1.1%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c)		1,025			1,056,924
Iowa Finance Authority, Drake West Village Project, Series A (RB) 4.50%, 06/01/26 (c)		1,500			1,346,339
Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) 5.25%, 12/01/23 (c)		5,195			5,599,197
Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB) 5.25%, 12/01/37 (c) (p)		8,550			9,304,062

	Par (000’s		)	Value
Iowa (continued)
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 11/15/26 (c)	$	2,000		$	2,293,304
5.00%, 05/15/27 (c)		505			574,929
5.00%, 05/15/27 (c)		5,960			6,748,884
Iowa Higher Education Loan Authority, Wartburg College Project (RB)
4.00%, 10/01/25		2,095			2,178,908
5.00%, 10/01/25 (c)		990			1,058,802
5.00%, 10/01/25 (c)		2,115			2,246,982
Iowa Tobacco Settlement Authority, Series A-2 (RB) 4.00%, 06/01/31 (c)		1,000			1,111,758
Iowa Tobacco Settlement Authority, Series B-1 (RB) 4.00%, 06/01/31 (c)		5,000			5,536,496
					39,056,585
Kansas: 0.4%
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c)		250			283,465
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c)		1,000			1,074,087
City of Wichita, Health Care Facilities, Series II-A (RB) 5.25%, 12/01/26 (c)		255			265,233
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c)		250			273,896
Kansas Development Finance Authority, Village Shalom Project, Series A (RB) (AGC) 5.25%, 11/15/23 (c)		1,000			980,224
Overland Park, Prairiefire at LionsGate Project (RB) 6.00%, 12/15/22 (c)		2,550			1,450,198
Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB) 4.50%, 12/01/26 (c)		880			917,281
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)
5.00%, 09/01/25 (c)		345			346,424
6.00%, 09/01/25 (c)		2,125			2,143,703
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^		10,000			3,284,699

	Par (000’s		)	Value
Kansas (continued)
Wyandotte County-Kansas City Unified Government (RB) 5.75%, 09/01/25 (c)	$	4,565		$	4,605,421
					15,624,631
Kentucky: 0.4%
Christian County, Jennie Stuart Medical Center (RB)
5.38%, 02/01/26 (c)		1,100			1,250,216
5.50%, 02/01/26 (c)		1,000			1,133,392
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/26 (c)		350			370,995
5.00%, 05/15/26 (c)		545			582,780
5.00%, 05/15/26 (c)		250			261,752
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
5.38%, 11/15/22 (c)		400			404,750
5.50%, 11/15/22 (c)		250			252,221
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c)		4,365			4,745,799
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
5.00%, 06/01/26		175			205,397
5.00%, 06/01/27 (c)		990			1,150,024
5.25%, 06/01/27 (c)		750			878,506
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c)		500			581,789
Kentucky Economic Development Finance Authority, Rosedale Green Project (RB)
5.50%, 11/15/25 (c)		515			528,075
5.75%, 11/15/25 (c)		500			510,431
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/23		265			286,283
Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c)		335			365,690
					13,508,100

	Par (000’s		)	Value
Louisiana: 0.9%
Calcasieu Parish Memorial Hospital Service District (RB)
5.00%, 12/01/29 (c)	$	3,950		$	4,674,656
5.00%, 12/01/29 (c)		1,750			2,097,405
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM)
4.00%, 12/01/28 (c)		1,470			1,679,428
4.00%, 12/01/28 (c)		3,235			3,709,223
5.00%, 12/01/25		100			117,119
Louisiana Housing Finance Agency, Chateau Project, Series A (RB) 7.25%, 11/29/21 (c)		345			335,225
Louisiana Local Government Environmental Facilities and Community Development Authority Student Housing, Provident Group ULM Properties LLC, Series A (RB) 5.00%, 07/01/29 (c)		500			527,629
Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.62%, 06/01/25 (c)		975			1,015,113
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c)		2,000			2,168,127
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/22 (c)		175			140,064
Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 6.25%, 11/15/25 (c)		1,000			1,082,303
Louisiana Local Government Environmental Facilities and Community Development Authority, The Glen Retirement System Project, Series A (RB) 5.00%, 01/01/26 (c)		1,000			955,608
Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB)

	Par (000’s		)	Value
Louisiana (continued)
5.00%, 07/01/29 (c)	$	500		$	517,663
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c)		5,260			5,716,228
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) (d) *		1,647			16
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB)
7.50%, 07/01/23 (d) *		2,259			23
8.38%, 07/01/24 (c) (d) *		1,389			14
Parish of St James, Nustar Logistics, LP Project (RB)
5.85%, 06/01/25 (p)		750			847,615
6.35%, 06/01/30 (c)		1,000			1,312,806
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 06/01/30 (c)		3,000			3,938,417
					30,834,682
Maine: 0.2%
Maine Finance Authority, Solid Disposal Facility (RB) 5.38%, 12/15/26 (c) (d) *		4,500			2,475,000
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)
4.00%, 07/01/26 (c)		1,270			1,377,596
5.00%, 07/01/26 (c)		1,000			1,145,386
5.00%, 07/01/26 (c)		645			734,323
Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 11/29/21 (c)		2,000			2,002,529
					7,734,834
Maryland: 1.4%
City of Baltimore, Convention Center Hotel (RB)
5.00%, 09/01/27 (c)		1,400			1,496,703
5.00%, 09/01/27 (c)		655			700,962
5.00%, 09/01/27 (c)		500			530,444
5.00%, 09/01/27 (c)		1,000			1,068,058
5.00%, 09/01/27 (c)		3,000			3,153,876
5.00%, 09/01/27 (c)		1,500			1,586,012
5.00%, 09/01/27 (c)		1,425			1,503,214
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c)		500			560,778

	Par (000’s		)	Value
Maryland (continued)
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/26 (c)	$	250		$	272,014
County of Prince George’s, Chesapeake Lighthouse Chapter School Project, Series A (RB) 7.00%, 11/01/25 (c)		500			561,578
Frederick County, Education Facilities Project, Series A (RB) (ST) 5.00%, 09/01/27 (c)		2,000			2,193,358
Howard County, Series A (TA) 4.50%, 02/15/26 (c)		500			523,575
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 11/29/21 (c)		7,785			7,865,402
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
3.75%, 01/01/27 (c)		100			110,335
4.38%, 01/01/27 (c)		470			517,700
4.50%, 01/01/27 (c)		530			583,737
Maryland Economic Development Corp., Port Covington Project (TA)
3.25%, 09/01/30		500			548,230
4.00%, 09/01/30 (c)		500			564,156
4.00%, 09/01/30 (c)		5,500			6,140,694
Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB) 5.00%, 11/30/21 (c)		3,600			3,613,167
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB) 5.00%, 11/30/21 (c)		3,820			3,833,972
Maryland Economic Development Corp., Purple Line Light Rail Project, Series C (RB)
5.00%, 11/30/21 (c)		1,500			1,505,486
5.00%, 11/30/21 (c)		1,640			1,645,999
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)
4.00%, 07/01/26 (c)		400			433,844
5.00%, 07/01/26 (c)		250			289,156
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) 4.00%, 07/01/25 (c)		210			229,701

	Par (000’s		)	Value
Maryland (continued)
4.25%, 07/01/25 (c)	$	145		$	159,462
5.00%, 07/01/25 (c)		625			705,925
5.00%, 07/01/25 (c)		500			560,502
5.00%, 07/01/25 (c)		1,500			1,672,440
Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB) 4.00%, 06/01/31 (c)		750			840,973
Mayor and Council of Rockville, Ingleside at King Farm Project, Series B (RB) 5.00%, 11/01/24 (c)		2,705			2,914,450
Prince George County, Collington Episcopal Life Care Community, Inc. (RB)
5.25%, 04/01/27 (c)		1,000			1,066,789
5.25%, 04/01/27 (c)		1,000			1,051,326
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 01/01/26 (c)		500			550,033
					51,554,051
Massachusetts: 1.0%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c)		365			393,481
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/25		1,220			1,405,088
Massachusetts Development Finance Agency (RB) 4.00%, 07/01/31 (c)		1,000			1,107,208
Massachusetts Development Finance Agency, Ascentria Care Alliance Project (RB)
5.00%, 07/01/28 (c)		1,300			1,415,705
5.00%, 07/01/28 (c)		1,000			1,106,528
5.00%, 07/01/28 (c)		1,000			1,081,948
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB)
4.00%, 07/01/25 (c)		285			305,384
5.00%, 07/01/25 (c)		2,105			2,372,863
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,000			1,108,071
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c)		500			553,446
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/26 (c)		1,035			1,192,548

	Par (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Lawrence General Hospital (RB)
5.00%, 07/01/27 (c)	$	1,000		$	990,629
5.00%, 07/01/27 (c)		2,000			1,881,211
5.00%, 07/01/27 (c)		1,900			1,816,180
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB)
5.25%, 07/01/24 (c)		350			352,826
5.50%, 07/01/24 (c)		550			556,883
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
5.00%, 11/15/25 (c)		500			552,461
5.12%, 11/15/25 (c)		500			550,369
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
4.00%, 10/01/22 (c)		1,000			1,072,788
5.00%, 10/01/22 (c)		1,400			1,514,432
5.00%, 10/01/22 (c)		3,820			4,128,519
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c)		1,930			2,153,660
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c)		4,000			4,498,728
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)
5.00%, 07/01/26 (c)		510			593,763
5.00%, 07/01/26 (c)		190			222,829
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series L (RB)
3.62%, 07/01/27 (c)		540			579,566
4.00%, 07/01/27 (c)		1,550			1,719,337
Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c)		1,000			1,209,649
					36,436,100
Michigan: 0.8%
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c)		290			329,521
City of Detroit (GO) 5.50%, 04/01/30 (c)		250			307,726

	Par (000’s		)	Value
Michigan (continued)
City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/23 (c)	$	425		$	447,734
Flint Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c)		500			563,881
Grand Rapids Economic Development Corp., Beacon Hill at EastGate Project, Series A (RB) 5.00%, 11/01/24 (c)		500			541,575
Grand Rapids Economic Development Corp., Clark Retirement Community Inc., Series A (RB) 5.75%, 04/01/26 (c)		1,000			968,563
Michigan Finance Authority, Lawrence Technological University Project (RB)
5.00%, 02/01/27 (c)		1,000			1,111,784
5.00%, 02/01/27 (c)		2,000			2,193,938
5.25%, 02/01/27 (c)		900			1,021,917
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)
4.75%, 11/15/25		670			729,410
5.25%, 11/15/25 (c)		250			269,159
5.50%, 11/15/25 (c)		300			322,047
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
5.00%, 07/01/23		110			117,203
5.00%, 07/01/24 (c)		3,575			3,779,870
5.00%, 07/01/24 (c)		215			228,417
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) (AGM) 5.00%, 07/01/24 (c)		165			180,058
Michigan Finance Authority, Series B-1 (RB) 5.00%, 12/01/30 (c)		4,000			4,676,728
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/24 (c)		795			849,501
Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 11/29/21 (c)		1,000			1,034,778
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24		100			106,769
Michigan Strategic Fund, Evangelical Homes Project (RB) 5.25%, 06/01/22 (c)		2,650			2,685,836

	Par (000’s		)	Value
Michigan (continued)
5.50%, 06/01/22 (c)	$	2,000		$	2,023,303
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 12/31/28 (c)		600			735,120
5.00%, 12/31/28 (c)		1,250			1,476,459
5.00%, 12/31/28 (c)		700			853,519
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.01%, 11/15/21 (c)		260			29,460
					27,584,276
Minnesota: 0.9%
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c)		135			140,999
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c)		500			524,037
City of Apple Valley, PHS Apple Valley Senior Housing, Inc. Orchard Path Project (RB)
4.38%, 09/01/23 (c)		2,920			3,040,762
4.50%, 09/01/23 (c)		940			980,376
City of Bethel, The Lodge at the Lakes at Stillwater Project (RB)
5.00%, 06/01/23 (c)		750			771,990
5.00%, 06/01/23 (c)		500			513,821
5.00%, 06/01/23 (c)		350			362,969
City of Blaine, Crest View Senior Communities Project, Series A (RB)
5.75%, 07/01/25 (c)		1,355			1,289,639
6.12%, 07/01/25 (c)		400			381,033
6.12%, 07/01/25 (c)		1,055			994,630
City of Brooklyn Center, Minnesota Multifamily Housing, Series A (RB) 5.50%, 11/29/21 (c)		2,000			1,618,186
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)
5.50%, 07/01/25 (c)		245			260,313
5.50%, 07/01/25 (c)		250			267,574
5.75%, 07/01/25 (c)		500			532,322
City of Crookston, Health Care Facilities, Riverview Health Project (RB)
5.00%, 05/01/29 (c)		2,000			2,091,522
5.00%, 05/01/29 (c)		3,000			3,177,779
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
5.25%, 07/01/25 (c)		500			552,084
5.50%, 07/01/25 (c)		1,000			1,104,743

	Par (000’s		)	Value
Minnesota (continued)
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c)	$	500		$	566,964
City of Ham Lake, Charter School, DaVinci Academy Project, Series A (RB) 5.00%, 07/01/24 (c)		750			802,355
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c)		115			123,752
City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB) 5.00%, 07/01/24 (c)		500			531,311
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (d) (p) *		2,000			1,900,000
City of St. Paul Park, Health Care Facilities, Presbyterian Homes Interlude Transitional Care (RB) 5.00%, 05/01/23 (c)		1,000			1,051,981
City of St. Paul, Housing and Redevelopment Authority, Series A (RB) 5.75%, 09/01/26 (c)		325			369,281
City of Wayzata, Folkestone Senior Living Community (RB) 4.00%, 08/01/24 (c)		350			363,793
City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB) 5.00%, 11/01/25 (c)		500			508,321
Duluth Independent School District No. 709, Series A (CP) 4.20%, 03/01/27 (c)		665			702,674
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c)		3,730			3,993,006
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 11/19/21 (c)		1,000			1,000,404
Saint Paul, Minnesota Housing and Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c)		1,500			1,543,380
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c)		250			265,069
					32,327,070

	Par (000’s		)	Value
Mississippi: 0.0%
Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c)	$	1,000		$	1,118,614
Missouri: 1.0%
Boone County, Boone Hospital Center (RB)
3.00%, 08/01/26 (c)		410			424,458
4.00%, 08/01/26 (c)		565			606,917
Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB) 3.00%, 03/01/31 (c)		3,750			3,785,333
Cape Girardeau County Industrial Development Authority, Series A (RB) 5.00%, 03/01/27 (c)		1,000			1,177,484
Citizens Memorial Hospital District of Polk County (RB) 5.00%, 11/29/21 (c)		1,000			1,001,249
City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c)		300			304,760
City of Lees Summit (TA) 4.88%, 11/01/27 (c)		2,500			2,485,996
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/25 (c)		500			515,600
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 11/29/21 (c)		40			39,577
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c)		1,000			1,102,432
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB)
4.38%, 11/15/26 (c)		250			250,340
4.75%, 11/15/26 (c)		500			504,810
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c)		475			530,288
I-470 Western Gateway Transportation Development District, Series A (RB)
4.50%, 12/01/26 (c)		400			421,899
5.25%, 12/01/26 (c)		1,100			1,157,964
Kansas City Industrial Development Authority, Kingswood Project (RB)
5.75%, 11/15/25 (c) (d) *		2,400			1,248,000
6.00%, 11/15/25 (c) (d) *		2,810			1,461,200
6.00%, 11/15/25 (c) (d) *		4,910			2,553,200

	Par (000’s		)	Value
Missouri (continued)
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM)
5.00%, 02/01/28 (c)	$	3,000		$	3,037,326
5.00%, 02/01/28 (c)		5,975			6,019,160
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
5.25%, 05/15/27 (c)		500			556,985
5.25%, 05/15/27 (c)		1,000			1,104,841
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)
5.00%, 08/15/24 (c)		1,550			1,678,143
5.00%, 08/15/25 (c)		2,000			2,207,112
Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c)		860			881,304
St. Joseph Industrial Development Authority, Living Community, Series A (RB) 5.00%, 01/01/26 (c)		1,000			1,035,624
St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c)		500			559,995
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c)		150			163,910
					36,815,907
Montana: 0.0%
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) 4.12%, 07/01/28 (c)		500			552,517
Nebraska: 0.2%
Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/42		4,045			5,805,638
Nevada: 0.5%
City of Las Vegas, Special Improvement District No. 814 (SA)
4.00%, 06/01/29 (c)		560			598,256
4.00%, 06/01/29 (c)		250			268,396
City of Reno, Sales Tax, Transportation Rail Access Corridor Project (RB) (AGM)
0.01%, 07/01/38 (c)		9,000			1,534,993

	Par (000’s		)	Value
Nevada (continued)
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 11/29/21 (c)	$	1,380		$	1,290,819
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) 2.75%, 06/15/28		2,750			2,828,994
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c)		170			184,203
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c)		625			659,154
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 12/01/28 (c)		240			264,029
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 12/01/28 (c)		490			542,709
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 6.25%, 12/15/27 (c)		4,045			4,290,975
State of Nevada, Department of Business and Industry, Fulcrum Sierra Holdings, LLC Project (RB) 6.95%, 08/15/28 (c)		2,125			2,272,515
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 5.00%, 12/15/25 (c)		500			542,502
5.00%, 12/15/25 (c)		1,000			1,104,686
5.00%, 12/15/25 (c)		400			439,891
5.12%, 12/15/25 (c)		1,000			1,091,056
					17,913,178
New Hampshire: 0.6%
National Finance Authority, Ascentria Care Alliance Project (RB) 5.00%, 07/01/28 (c)		1,220			1,320,996
National Finance Authority, Covanta Project, Series B (RB)
3.75%, 07/02/40 (c) (p)		3,865			4,060,751
4.62%, 07/01/23 (c)		4,000			4,154,183
National Finance Authority, Resource Recovery, Series A (RB) 3.62%, 07/02/40 (c) (p)		2,275			2,381,103
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/26 (c)		2,000			2,148,756

	Par (000’s		)	Value
New Hampshire (continued)
4.00%, 01/01/26 (c)	$	975		$	1,057,215
National Finance Authority, The Vista Project, Series A (RB)
5.62%, 07/01/25 (c)		1,600			1,706,476
5.75%, 07/01/25 (c)		2,750			2,936,757
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)
6.12%, 07/01/24 (c) (d) *		1,000			530,000
6.12%, 07/01/24 (c) (d) *		1,500			795,000
6.25%, 07/01/24 (c) (d) *		500			265,000
					21,356,237
New Jersey: 8.1%
Atlantic City (GO)
5.00%, 11/01/22		115			117,439
5.00%, 12/01/23 (c)		65			67,602
Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c)		150			163,504
Casino Reinvestment Development Authority (RB)
5.25%, 11/01/24 (c)		1,410			1,528,088
5.25%, 11/01/24 (c)		2,450			2,648,355
Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		1,605			1,707,142
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c)		470			520,762
New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
4.25%, 06/15/22 (c)		1,665			1,698,771
5.00%, 06/15/22 (c)		1,150			1,179,907
5.00%, 06/15/22 (c)		1,020			1,047,267
5.00%, 06/15/22 (c)		520			533,144
5.00%, 06/15/22 (c)		160			164,219
5.00%, 06/15/22 (c)		535			548,426
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.12%, 08/20/22 (c)		4,870			5,065,928
5.25%, 08/20/22 (c)		7,075			7,349,718
5.50%, 06/20/23 (c)

VANECK^®

CEF Muni Income ETF	XMPT^®
High Yield Muni ETF	HYD^®
HIP Sustainable Muni ETF	SMI
Intermediate Muni ETF	ITM^®
Long Muni ETF	MLN^®
Muni Allocation ETF	MAAX^™
Short High Yield Muni ETF	SHYD^®
Short Muni ETF	SMB^®

	President’s Letter	1
	Explanation of Expenses	3
	Schedule of Investments
	CEF Muni Income ETF	5
	High Yield Muni ETF	7
	HIP Sustainable Muni ETF	53
	Intermediate Muni ETF	55
	Long Muni ETF	101
	Muni Allocation ETF	117
	Short High Yield Muni ETF	118
	Short Muni ETF	138
	Statements of Assets and Liabilities	155
	Statements of Operations	157
	Statements of Changes in Net Assets	159
	Financial Highlights
	CEF Muni Income ETF	163
	High Yield Muni ETF	164
	HIP Sustainable Muni ETF	165
	Intermediate Muni ETF	166
	Long Muni ETF	167
	Muni Allocation ETF	168
	Short High Yield Muni ETF	169
	Short Muni ETF	170
	Notes to Financial Statements	171
	Approval of Investment Management Agreements	177

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2021 - October 31, 2021*
CEF Muni Income ETF
Actual	$1,000.00	$1,016.90	0.40%	$2.03
Hypothetical**	$1,000.00	$1,023.19	0.40%	$2.04
High Yield Muni ETF
Actual	$1,000.00	$1,009.60	0.35%	$1.77
Hypothetical**	$1,000.00	$1,023.44	0.35%	$1.79
HIP Sustainable Muni ETF
Actual ***	$1,000.00	$992.90	0.24%	$0.35
Hypothetical**	$1,000.00	$1,024.00	0.24%	$1.22
Intermediate Muni ETF
Actual	$1,000.00	$996.60	0.24%	$1.21
Hypothetical**	$1,000.00	$1,024.00	0.24%	$1.22
Long Muni ETF
Actual	$1,000.00	$1,000.70	0.24%	$1.21
Hypothetical**	$1,000.00	$1,024.00	0.24%	$1.22
Muni Allocation ETF
Actual	$1,000.00	$1,001.20	0.08%	$0.40
Hypothetical**	$1,000.00	$1,024.80	0.08%	$0.41
Short High Yield Muni ETF
Actual	$1,000.00	$1,008.40	0.35%	$1.77
Hypothetical**	$1,000.00	$1,023.44	0.35%	$1.79

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2021 - October 31, 2021*
Short Muni ETF
Actual	$1,000.00	$998.20	0.20%	$1.01
Hypothetical**	$1,000.00	$1,024.20	0.20%	$1.02


*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2021), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
**	Assumes annual return of 5% before expenses
***	Expenses are equal to the Fund’s annualized expense ratio (for the period from September 9, 2021 (commencement of operations) to October 31, 2021) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.

(a)	Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov.

Summary of Investments by Sector		% of Investments				Value
Financials			100.0	%		$	199,324,302

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Closed-End Funds *		$	199,324,302			$	—			$	—			$	199,324,302


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